On behalf of the Moorfield Real Estate Fund III (MREF III), Moorfield Group (Moorfield) and Glasgow-based joint venture partner Resonance Capital, have announced that Atlantic Quay 3 is now fully let on a long term lease to the Scottish Courts and Tribunals Service, on completion of a multi-million pound refurbishment of the Building.
Completion of the deal on Atlantic Quay 3, will see the Scottish Courts and Tribunals Service – the scheme’s first new tenant – fully occupy 79,500 sq. ft. of ‘Grade A’ open plan flexible office space over its ground and six upper floors. Moorfield Real Estate Fund III purchased Buildings 1, 2 and 3 Atlantic Quay in September 2015 and a comprehensive refurbishment programme to revitalise the scheme will complete in 2018.
Atlantic Quay 3 features a new double-height reception; new VRF air conditioning system throughout to 1:8 design ratio; 2.7m clear from floor to ceiling; new LED lighting throughout; three 13 person lifts with a separate goods lift and new refurbished finishes to all lift lobbies. The building also benefits from 24 hour security, 31 secure car parking spaces and 100 secure cycle racks in the basement.
Mark Holmes, Head of Asset Management at Moorfield, said: “We are delighted to welcome the Scottish Courts and Tribunals Service to Atlantic Quay 3. We have worked very closely with them to ensure that their occupational requirements for the building are successfully achieved. Announcing that Atlantic Quay 3 is now fully let on a long term lease to the Scottish Courts and Tribunals Service, on completion of a multi-million pound refurbishment, reinforces our confidence in the quality of Atlantic Quay Buildings 1,2 &3 and its location in the City’s business district.”
Ken Barrett of Resonance Capital commented: “We are delighted to have brought this high quality ‘Grade A’ refurbishment to completion on time and well within budget. The supply of buildings of this size and specification in Glasgow is very limited at the moment and we are pleased that our ability to progress the development speculatively has been reflected in the building already being fully let to the Scottish Courts and Tribunals Service.”
Eric McQueen, Chief Executive, the Scottish Courts and Tribunals Service (SCTS) said: “The SCTS has worked closely with Her Majesty’s Courts and Tribunals Service (HMCTS) to rationalise accommodation in Glasgow and create this new Tribunals Centre. The centre will have 34 hearing rooms and provide excellent facilities for all tribunal users, with specific support for young users with additional support needs.”
A comprehensive refurbishment of Glasgow’s Atlantic Quay Buildings 1, 2 and 3, will create a contemporary business destination on the City’s waterfront, The overall design influence of the scheme is inspired by the colour palette of the Nordic countries. A bespoke art collection by the award winning photographer Damian Shields will feature Nordic and Scottish artwork in the public areas of Atlantic Quay 1, to be unveiled on completion in 2018.
Ryden and JLL acted for the landlords and GVA for Scottish Courts and Tribunals Service.